Question 13. Question :
A parcel of land is: offered for
sale at $150,000, assessed for tax purposes at $95,000,
recognized by its purchasers as being worth $140,000 and
purchased for $137,000. The land should be recorded in the
purchaser's books at:
$95,000
$137,000
$138,500
$140,000
$150,000
Question 14. Question :
Prepaid expenses are:
Payments made for products and
services that do not ever expire
Classified as liabilities on the balance
sheet
Decreases in retained earnings
Assets that represent prepayments of
future expenses
Question 15. Question :
A company has twice as much
owner's equity as it does liabilities. If total liabilities are
$50,000, what amounts of assets are owned by the company?
$50,000